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Posts tagged "income tax return"

The home sale tax exemption

Georgia residents who sell their primary residence will generally not be required to pay capital gains tax on the first $250,000 of profit generated by the sale. Spouses filing a joint return may exclude the first $500,000 gained from the sale of their home. The exemption may be applied to the sale proceeds of homes, condos, apartments and mobile homes.

Understanding income tax years

For individuals living in Georgia and anywhere else in the United States, it is very important to know when the income tax year begins. For most people, the tax year is 12 consecutive months and runs from Jan. 1 to Dec. 31, and tax returns are due by April 15 of the next year. However, there are exceptions.

Additional tax assessment notices in Georgia

After a person files a Georgia state income tax return, the Georgia Department of Revenue may review the return and make an initial determination that the filer owes additional tax. Generally, the first time a person will learn of the additional tax assessment is when they receive a notice of assessment from the DOR in the mail.

Invented churches and tax consequences

Georgia churches may benefit from exemptions from federal income taxes, but a Mississippi case may be of concern as misuse of the church designation has landed a Christian physician in serious legal trouble with the IRS. The man was convicted on four felony counts of tax evasion as well as a single count of obstruction of administration. According to reports, the man skirted paying income taxes by funneling income through an entity called the Church of Compassionate Service.

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